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Author Archive | Patty Hume

Recent Client Reviews | Patty Hume Real Estate

“Patty is such a passionate real estate agent who we can truly trust! We purchased our first property through her and she helped us find the most desirable house on the market.  Huge plus of having her as an agent is that she understands what we want as we needed an agent who is keen to environmental/architectural design. With her knowledge and expertise, we nailed down a bidding war and signed off all the documents with confidence. If you are looking for someone who is your consultant, advisor, and reliable negotiator, that’s Patty! “ – A. Oshima 

Patty is amazing! I recommend her to anyone I meet who is looking to buy. We were first timer buyers who thought the odds were stacked against us in LA’s competitive market. Amazingly we got the first house we put an offer on, and it’s our dream home. She knows her stuff as well as adding her own philosophy and insight into what it means to find a home and what will really make you happy. Not to mention Patty is so competent, when all was said and done we were like; ‘huh, that was easy!’ – H. Keefe

Patty is all too familiar with the challenges and pitfalls of the Southern California real estate market. She is realistic, straightforward, and offers clients her uniquely creative insights based on years of experience, not just in real estate, but as a homeowner, landlord, landscape designer, and artist. With her help and wealth of knowledge throughout the entire process, we found our ideal place. – Stephanie Ellison & David Hsia 

 

See more: Buyer 101, Diary, Praise

Link Love: January 2018

Hello Everyone! Happy 2018!

A new year is a fresh start. I know it is easy to get side tracked from working on your personal goals (professional, personal, financial, creative, real estate, etc.) when there is a lot of crazy stuff going on in the world. Remember to be kind to yourself! Take care of your health. Adjust your goals if necessary, but keep headed in the direction that you want to go!

Did you know you are 42% more likely to achieve your goals if you write them down?

Each January I make a vision board to help me visualize what I am working towards. I also make a list of goals (personal, professional, etc.) and then I break them down by the 4 quarters on the year and then I break them down again and make months actionable lists to help keep me on track. I use Circa notebooks and Evernote to keep my lists organized. I also just started using the app Routinist to help me remember to do some key things everyday.

My goals for 2018 (the cliff note version):

  • Start vlogging on real estate and design … I’ll be on YouTube soon
  • Cook more and set a pretty table (omg, I’ve gained 15lbs in last couple of years mostly eating out.)
  • Read (or listen) to a lot more books on Audible
  • Regular exercise (more pilates, hikes in JT, etc.)
  • Working on my personal garden in LA (which has been ignored the last few years) and just generally trying to add more adventure into our life.

+ I’d love for you to ask me about how I’m doing with my goals and help keep me accountable!

Some things to think about:
What gave you the most joy and fullfilment last year?
What are you doing to keep yourself inspired and excited?
What are your goals for 2018? How are you going to get there?

 


MARKET UPDATES / FINANCE / INVESTMENT

Jobs report is in employment numbers disappoint, rates and wages on the rise

Are your taxes going up or down ? Use NYT calculator

How rising prices will help you build equity

Case study on how one person saved 30% of their income for a year

3-15 unit properties may offer highest return

Nationally, renter boom ending

Landlords may be getting tax break with new bill

Buildings built specifically for home sharing (Airbnb, etc.) starting to be built

Ramit on how to use money to buy back your time

Argument that luxury units being built will be the affordable housing of the future

Bitcoin mortgages?

Home values predicted to go up 4.1% in 2018

Best cities to buy in in 2018

 

SELLERS

Should boomers rent or sell after downsizing?

Time on market drops to new low


HOME BUYING PROCESS

What will be like to buy in LA in 2018? Expect rising prices, lots of competition

Why getting pre approved is the first step

Low inventory will remain a major issue in 2018

Benefits of using a realtor in home search

Tips for painlessly saving for a downpayment

Why is there so much paperwork?!

 

LOCAL

Pollen opens up in old FIX Coffee space on Echo Park Ave

Things to look forward to in LA this year

Craft beer bar opens in Lincoln Heights

 

DESIGN / HOME / RENOVATION / LIVING

Our real estate choices make adult friendships more difficult

Decor trends for 2018, lavender is back

Mobile homes/ RV’s/Trailers are having a comeback

Going out to lunch a dying tradition as more people working from home

Things you should clean in your house but probably never have

Walkability high on buyers list

Sunset has some surprising plant combinations

Turn a closet into a mini home office

Pantone color of the year…2018

Emily Henderson’s top 10 blog posts of the year

Best citrus varieties to plant

A brief history of NIMBY-ism

Roundup of the best storage bins

Marie Kondo is going to have a TV show

Obamas favorite books of 2017

See more: Link Love, Market Updates, Neighborhoods

Hi-Desert Living


Most people know me as being a Los Angeles / NELA realtor. But I’m also a part time Hi-desert resident and Airbnb Super Host. My husband and I split each week between out homes in Echo Park (Los Angeles) and the Upper Friendly Hills area of Joshua Tree, California.

If you are thinking about buying or selling in the Hi – Desert (Joshua Tree, Yucca Valley, Flamingo Hts, Landers, 29 Palms, Wonder Valley, etc.) I would love to help you.

The desert is a magical place. It’s a spectacular place to retire or live if you can work remotely. Driving at night, when there is no traffic, you can get from DTLA to Joshua Tree is about 2 hours. So it’s a reasonable distance for a second home or vacation rental property. We love our city/desert lifestyle.


I have a monthly newsletter I send out for people who are curious about buying or selling in the Hi-Desert. SIGN UP HERE


See more: Diary, Hi-Desert

Real Estate Link Love: November 2017


Just listed on the MLS — I designed the garden/patio for this cute Echo Park 2 bedroom/2 bath house on a corner lot, three years ago. It’s a short walk to Mohawk Bend, Bar Bandini, Elf, Crossfit, yoga and all the bars/restaurants on Sunset. If you want more info on the property let me know! It’s not my listing but I’m happy to show it.


Hey Kids!
I’ve been listening to a lot of podcasts lately driving around LA and back and forth to the desert.  If you are interested in investment property you should really listen to Bigger Pockets: Real Estate. It will get you excited about building an investment portfolio. Plus, they have archive of 300+ episodes, so you are sure to find something on pretty much any topic you are interested in right now.



MARKET UPDATES / FINANCE
Mortgage rates ticking higher. No doubt will be above 4% throughout 2018, and may even touch 5%.
More than 1/2 of millenials are telling their friends how much they make at work
Ramit on the concept of stealth wealth, growing rich but not telling friends/family
Freelancers are more likely to have skills need in near future

HOME BUYING PROCESS
Don’t let fear prevent you from applying for a mortgage
Philly lawyer offering $1 bounty for “We buy houses” signs
Why you really need a realtor

LOCAL
Rent control in California could expand under proposed state laws
LA Conservancy trying to say Nuetra’s Chuey House
Highland Park history
More info on the massive Boyle Heights Sear complex

DESIGN / HOME / RENOVATION / LIVING
Emily Henderson bought a mountain weekend house outside LA… Big Bear?
Everything you need to know about butcher block counters
5 Los Angeles fixers
Hot color for 2018
Amazon wants to let themselves in to your house
Tips to reduce your electricity bill
Richard Branson encourages parents to work from home


Wondering if you should stay or go?

Let’s get tea and discuss your situation.


See more: Featured Properies, Link Love, Market Updates, News

Desert Real Estate Link Love | October 2017


Beavertail, our smaller Airbnb in Joshua Tree just turned 1 year old and we just got our 100th review. It was recently featured on the cover of California Lifestyle magazine! Follow Beavertail on Instagram.


Hi Guys!

I keep getting a ton of interest and lots questions about buying property in the desert! Weather you are thinking about moving out there full time, getting a second home or a vacation rental there are a ton of options. And compared to LA prices it is very affordable.

Some advice getting started:

1. Explore the area. Get to know it before you focus on looking at specific listings. Each desert community is unique and you need to identify places that you want to live. A good way to do this is to rent Airbnb’s in areas you are thinking about and spending some time there getting to know the area, going to stores, restaurants and living the life. I’m happy to orient you and give you overview of desert communities and to make suggestions on where to start.

2. Instagram. Follow people living in the areas you are curious about!. You can learn a lot about the people, and what is going on this way. Search hashtags for areas: #joshuatree #palmsprings #29palms, etc.

3. Stats. If you are thinking about buying a house to use as vacation rental, you really need to do your research. There is a ton of competition. Lots of people are already doing it, and there are a lot of people in the process of renovating places that will be online soon. You really need to smart about your strategy and do market research. I can point you in the right direction.

I’m usually in Joshua Tree a few days a week (typically Friday – Sunday) and I am happy to show you homes in Coachella Valley and the Hi-Desert.


History of homesteader cabins in Wonder Valley
Can your neighbors Airbnb impact your property value
The mortgage process – what you need to know (infographic)
How to renovate a house on a budget
Before they had a berry farm the Knotts lived in the hi-desert
Fall in love with the desert…. 35 iconic southwest sites
How Joshua trees were named
Hantivirus can live in old desert wood (like delapidated shacks)
Ambitious shipping container house proposed for JT
Conde Nest guide to JT
Palm Springs party pad w pool for $649k
Pioneertown – the new old west


 

See more: Hi-Desert, Joshua Tree, Link Love, Market Updates, News, Vacation Rentals

Real Estate Link Love | October 2017


Just sold! I represented out of town buyers on this charming craftsman in Vermont Harbor. It’s near USC and Leimert Park. 4 bedroom, 2 bath, 1800sf. Wrap around porch. Stained glass in the den. Dozens of built in cabinets, dressers and bookcases. Sleeping porches, plate racks, wainscoting, tile fireplace… It needs some updating but it has all the original charm and craftsman detail! I’m so excited to see the reno. Sold for $535k. 15k below asking!


It’s fall, which means we can get out our sweaters and boots. It also means slightly less crazy house hunting. Typically late spring and summer are the craziest time around here. This is partially driven by the fact that everyone with kids wants to move during the summer break. Also, the weather is nice and people go to more open houses. In the fall and during the winter holidays a lot of casual buyers are distracted with other things going on. So, this time of year is ideal for serious buyers to buckle down. I would still expect multiple offers on most LA homes, but there will likely be less offers, which means your odds improve!

MARKET UPDATES / FINANCE
Mortgage rates still incredibly low, but up a bit because of the jobs report
Want to know why tons of SF people are moving here?
90% of families have had their wealth decline over last 27 years
Millionaire gives money advice to millennials
How are young buyers putting in all cash offer? Some are tapping equity in their parents house

HOME BUYING PROCESS
The mortgage process – what you need to know (infographic)
You do NOT need 20% down

LOCAL
LA prices keep climbing – 5th straight month
LA Renters expected to pay $136 more a month by 2019
CA landlords can’t threaten undocumented immigrant tenants anymore
What 1m will get you in LA
Cookbook opening second bigger location in the Figueroa corridor
20 things to do this fall in LA

DESIGN / HOME / RENOVATION
New roof is the best return on investment (podcast)
Easy DIY projects to add value to your home
The problem with tiny homes – where do you park it legally?
Srsl? I have way crazier real estate stories… just ask me
How to grout tile like a pro
Best investment furniture pieces for you first house

See more: Just Sold, Link Love, News

Millionaire to Millennials: Buy a Home Now!

Millionaire to Millennials: Buy a Home Now! | Simplifying The Market

In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”

Bach went on to explain:

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

In his bestselling book, “The Automatic Millionaire,” Bach does the math:

“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

Who is David Bach?

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers. His book, “The Automatic Millionaire,” spent 31 weeks on the New York Times bestseller list. He is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

He has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

Bottom Line

Whenever a well-respected millionaire gives investment advice, people usually clamor to hear it. This millionaire gave simple advice – if you don’t yet live in your own home, go buy one.


Thinking about buying or selling in NELA or the Hi-Desert?

Let's get coffee and talk about your plans!


Curious what you home is WORTH?

See more: News

No… You Do Not Need 20% Down to Buy NOW!

No… You Do Not Need 20% Down to Buy NOW! | Simplifying The Market

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO® Scores for all loans approved in August.

No… You Do Not Need 20% Down to Buy NOW! | Simplifying The Market

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, let’s sit down to help you understand your true options.


Thinking about buying or selling in NELA or the Hi-Desert?

Let's get coffee and talk about your plans!


Curious what you home is WORTH?

See more: Buyer 101, News

The Mortgage Process: What You Need to Know [INFOGRAPHIC]

The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Simplifying The Market

The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 10% or even 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

Thinking about buying or selling in NELA or the Hi-Desert?

Let's get coffee and talk about your plans!


Curious what you home is WORTH?

See more: Buyer 101, Diary, News

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate


Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.


Source: KCM

See more: Finance, Market Updates, News